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The slower is faster (SIF) effect occurs when a system performs worse when its components try to be better. Thus, a moderate individual efficiency actually leads to a better systemic performance. The SIF effect takes place in a variety of phenomena. We review studies and examples of the SIF effect in pedestrian dynamics, vehicle traffic, traffic light control, logistics, public transport, social dynamics, ecological systems, and adaptation. Drawing on these examples we generalize common features of the SIF effect and suggest possible future lines of research.